Engineering Service, Inc.
A week after it announced its acquisition of Snell Advanced Media, Belden revealed that it paid approximately $94 million for the company, according to an SEC filing.
The purchase price is $75.8 million, plus assumed debt of $18.4 million, totaling $94.2 million. Belden cautioned the SEC that it cannot yet report the estimated fair value of the assets because the accounting process is ongoing.
“The acquisition includes a potential earn-out for which we have not yet estimated a fair value,” Belden told the SEC. “This acquisition was funded with cash on hand. We are in the preliminary phase of the purchase accounting process, including obtaining third party valuations of certain tangible and intangible assets acquired.
“As such, the purchase accounting process is incomplete and we cannot provide the required disclosures of the estimated fair value of the assets and liabilities acquired for this business combination.”
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